PETALING JAYA: Integrated car e-commerce platform Carsome Group Pte Ltd today announced the acquisition of a 51% stake in Singapore auto company CarTimes Automobile Pte Ltd.
Established in 2001, CarTimes offers a full suite of auto solutions ranging from new and used car retail, rental, financing, insurance to repair, maintenance and workshops.
Carsome co-founder and group CEO Eric Cheng mentioned that CarTimes has built a strong brand in Singapore, trusted by local customers and partners since 2001, through a seamless car transaction process supported through a broad range of ancillary services such as financing and insurance.
“This partnership will enable us to deepen our footprint in the Singapore auto market, and augment our ability in bringing trust, choice and transparency to customers together,” Cheng said.
The acquisition is an important move that further strengthens Carsome’s market leadership in the region, and reinforces Carsome’s commitment to drive ecosystem expansion. It comes after the company’s recent completion of its acquisition of listing and content automotive platform iCar Asia.